Manoj Vaibhav Gems N Jewellers Ltd Approves Franchise Agreement with M/s. Gontla Trading LLP

Manoj Vaibhav Gems N Jewellers Ltd has approved the appointment of M/s. Gontla Trading LLP as the Franchisee for operating new jewellery stores at Ramnagar, Visakhapatnam and Gajuwaka, Visakhapatnam. The transaction qualifies as a Related Party Transaction as the Designated Partners of the Franchisee are relatives of the Joint Managing Director and Whole-time Director and CFO of the Company. The transaction will be undertaken on an arm’s length basis and in the ordinary course of business. The proposed dates of opening of the aforesaid new stores will be intimated to the Stock Exchanges as and when such stores are scheduled to be opened.